'Fast Money' Recap: Off to a Rousing Start

Terranova said it's not surprising because after 2008, you have to "expect the unexpected."

Kinahan said Gratham has been "saying this" since 2002, and he's missed a lot of good up moves.

Taking a more bullish view, Noah Blackstein, portfolio manager for Dynamics Funds, was optimistic about the chances for a "significant rally" because governments are slashing rates and putting liquidity into the system.

He said government spending will be the only source of demand for the next six months for GDP. He also said real wages have hiked with the collapse of the commodities.

He said to be careful of infrastructure plays. "A lot of them have huge exposure to oil and mining," he said.

He said he likes the prospects of healthcare IT under Obama, adding Cerner(CERN Quote) should do well as a stimulus play.

Will next week's unemployment report have an impact on the market? Ratigan brought in Michael Darda, chief economist for MKM Partners, for his observations.

Darda said he doesn't think the jobless report will have much of an impact because it's backward looking, while the markets are forward-looking. He said he is encouraged by the collapse of LIBOR and the declines in other spread indicators.

Still, he sees the economy going through a period of "tough sledding" in the first three quarters. What worries Darda the most is the "ton" of household debt and the continued decline in home prices. "There may be a rally but (the home price decline) takes a huge upswing off the table," he said.